OECD Oil Stocks Drop to Lowest Level Since 1990, IEA Reports

Oil inventories across OECD member states fell in May to their lowest level since 1990, according to the International Energy Agency (IEA), as governments drew down strategic reserves to offset supply disruptions linked to tensions in the Persian Gulf during the Middle East conflict. The IEA reported that since the beginning of the crisis, stocks in OECD countries have dropped by around 163 million barrels.